Variable Message Signs For Intelligent Transportation System : Current Analysis and Forecast (2022-2028)

Variable Message Signs (VMS) are electronic displays used in Intelligent Transportation Systems (ITS) to convey real-time traffic information to drivers. They are often used on highways, roadways, and bridges to display information such as speed limits, road conditions, construction warnings, and emergency alerts. The primary driver for the VMS market is the increasing need for efficient traffic management and the growing demand for real-time information. With increasing urbanization, traffic congestion is becoming a major problem in many cities around the world. VMS technology helps to alleviate this problem by providing drivers with up-to-date information that can help them avoid traffic jams, reduce travel time, and increase safety.

The Variable Message Signs For Intelligent Transportation System Market is expected to grow at a steady rate of around 5% owing to increasing efforts towards safety and precautions in vehicles to avoid accidents Recent developments in the VMS market include the use of advanced technologies such as cloud computing, artificial intelligence, and machine learning to provide more accurate and timely traffic information. For example, in 2020, SWARCO, a leading provider of traffic management solutions, launched a cloud-based VMS platform that uses AI and machine learning to analyze traffic data and provide real-time information to drivers. This technology helps to improve traffic flow and reduce congestion.

Based on technology type, the market is segmented into electro-mechanical signs, reflective flip-disk signs, light-emitting signs and others. Light-emitting signs are expected to hold the largest revenue share in the Variable Message Signs For Intelligent Transportation System Market because they offer several advantages over other types of signs. These advantages include their high visibility, energy efficiency, and durability. Light-emitting signs are also easily programmable and can display a wide range of information, making them ideal for use in ITS applications. One of the main drivers of the growth of light-emitting signs in the VMS market is the increasing demand for energy-efficient and environmentally-friendly solutions.

On the basis of component type, the market is categorized into software and hardware. Software solutions provide real-time location information of the vehicle and unplanned changes in route due to accidents or traffic jams to the third-party system connected via network solutions. Thus, the government of different countries are implementing various initiatives to support advanced software development. For instance, the U.S. Department Of Transportation and the Open Source Application Development Portal facilitate the advancement of research, development, planning, testing and deployment of connected vehicle and travel-related applications. Owing to this, the software segment of the software segment is to grow at a higher CAGR during the forecast period.

Based on application, the market has been classified into active traffic management, highway advisory radios, road/weather information systems, parking guidance management, airport, rail & bus passenger guidance and lane management, freeways, tunnels, toll facilities, emergency management and others. Rail & bus passenger guidance and lane management segment will dominate the market because of the increasing sophistication of bus route design and structure in some nations, this segment is also anticipated to have strong growth in the ITA market over the course of the projected period. This market sector is expanding as more and more e-toll collection facilities are being developed in various nations.

For a better understanding of the market adoption of the Variable Message Signs For Intelligent Transportation System industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to dominate the market share during the forecast period. This is mainly due to growing concerns over growing auto sales and rising demand for personal vehicles, North America will take the lead in the regional market segment analysis for the forthcoming years. Growing concerned about traffic congestion in several cities of nations including the United States and Canada are also to blame for the market's regional expansion in the North American region. Additionally, the government is making active investments in cutting-edge technologies and the improvement of methods for monitoring and controlling traffic, which helps the industry grow even more. Hence, in the next five years, the market for portable message signs for intelligent transportation systems will expand due to rising worries about road safety. In order to promote their future brand establishment, new market participants may continue to invest in the development of technology and the investigation of more efficient ways to regulate traffic and keep track of traffic accidents.

Some of the major players operating in the market include: 3M, Daktronics, Inc., Triplesign System, Valmont Industries, Inc., Onyx Components & Systems (P) Ltd. , Efftronics Systems Pvt. Ltd., SKYLINE HOME APPLIANCES, WANCO INC., YAHAM, WARCO McCain, Inc.